How do you fund a startup when VCs aren't an option?
Wyndly founder Aakash Shah explains why he shifted from treating venture capital as a lifeline to treating it as just one option, detailing how he raised capital directly from customers by introducing annual plans—a move that fundamentally changed his company's trajectory.
What 2026 exits actually pay for SaaS
Miro had about $600M in ARR, was profitable, and sold to Bending Spoons at a $1.355B enterprise value, about 2.3x ARR. The headline equity value was $1.79B because Miro also held about $435M of net cash. That is roughly 90% below its $17.5B valuation from 2022. Growth set the multiple: Airtable sold five weeks earlier at 2.7x ARR with 20%+ growth. If you are building toward an exit, find out which multiple category you belong in before your board does the math for you.
Highlights
- →Y Combinator's $500,000 check was the "easiest money we've ever gotten," serving as the company's pre-seed round.
- →Expanded from a 1-state to a 50-state medical practice in just 3 weeks by leveraging the Y Combinator network.
- →Hearing "300 nos" from VCs in a tough market prompted a shift from relying on fundraising to creating other capital options.
- →Raised capital directly from customers by introducing an annual plan, collecting 12 months of cash upfront to fund growth.
- →Improved the cash conversion cycle by negotiating payment terms from Net 14 to Net 90 with an $80k/month vendor.
The full breakdown
Who's on this episode
Aakash Shah is the co-founder and CEO of Wyndly, a telehealth company dedicated to providing permanent allergy relief through at-home testing and personalized treatment plans. Drawing from his personal experience as a severe allergy sufferer, he launched Wyndly to make effective allergy care more accessible. A Y Combinator (W21) alumnus, Aakash has a background in software and growth product. Prior to Wyndly, he founded a student-focused venture during college and worked in product management.
Questions answered in this episode
References & resources
- ·Wyndly Official WebsiteCompany
- ·Aakash Shah on LinkedInsocial
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- ·Y Combinatorother
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Podcast host, angel investor, and serial entrepreneur with 4× exits ranging from small businesses to VC-backed tech companies. Jason has been personally involved in over $100M in transactions and now helps founders close their next transaction at Thunder.vc, from pre-seed rounds to $100M exits. He coaches founders through their next major transaction and gets the deal done by introducing them to the right people in his network.
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